The Brazilian government is considering several proposals to reform their indirect tax system, widely considered to be one of the most complex in the world. One of those proposals, offered by the Brazilian President, suggests a significant tax overhaul to take place over multiple stages. Stage 1, slated for June, would involve a simplification of the federal PIS and COFINS which the President believes can be accomplished by a Provisional Decree. The second stage, slated for July, would involve an overhaul of the ICMS. Additional details of this fairly ambitious proposal are slated to be released in the month of April.